GOOGL - Is Alphabet Stock Going to $225? 1 Wall Street Analyst Thinks So.
2024-04-30 06:57:00 ET
Shares of Google's parent company, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) , have risen about 60% over the past year, but there could be more fuel in the tank. Susquehanna analyst Shyam Patil recently raised Google's price target on Alphabet to $225 from $170 and maintained the firm's positive rating.
Patil and his investment bank colleagues are encouraged by Alphabet's recent performance. Both its advertising and cloud computing segments outperformed expectations. Total first-quarter revenue climbed 15% year over year to a record-breaking $80.5 billion.
First-quarter Google advertising sales climbed 13% year over year, and this isn't the only sign that the cyclical ad industry is in an upswing. Total acquisition costs crept forward more slowly than sales, which allowed operating profit to soar 46% year over year to $25.5 billion.
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Is Alphabet Stock Going to $225? 1 Wall Street Analyst Thinks So.